As a new year starts, inflation and market instability has made a lot of companies and consumers wary of celebrating. As such, the initially optimistic market has grown even more hyper-competitive.
Many companies have then doubled down on their content production and with the volume of marketing content in the market, customers are increasingly selective with their consumption. In addition, market upheavals often trigger a sink-or-swim response from the C-suite, ROI and exceeding KPIs is something that will be at the forefront of every conversation.
This means that marketers have to be doubly aggressive, with less resources, and with even tighter windows of selling opportunities. What marketing strategy should you be adding to your 2023 plans to make the most of limited opportunities, ensuring sustained growth?
ABM Simplified
ABM is a popular B2B marketing strategy that leverages personalized relationships that produce better ROI. But how does it work?
Account-based marketing (ABM) focuses on a select group of high-value accounts and reviews the type of content and messaging they have responded to. ABM then increases your success rate by identifying key messages that have resonated, plus additional dynamic audience data, to personalize and optimize communication.
Using this strategy to focus on higher value accounts and zone out those predicted to be low-converting, the sales and marketing team can work on campaigns that capture the attention of these accounts in specific ways and convert them with as minimal ad and marketing spend as possible.
Simply put, ABM uses data and analytics to:
- Identify high value accounts
- Deploy messages tailored to them
- Builds the relationships the way the key accounts want
- Closed deals faster
Done right, ABM results in:
- Increased demand generation
- Better quality leads
- Better brand awareness and recall
- Higher volume and velocity of sales
Is ABM easy?
Industries are unique, and their customers’ buying journey can be even more varied. In addition ABM needs an ample amount of data to be successful so it is paramount to ensure your CRMs and historical data are up to date.
The key to setting up ABM-led campaigns is to understand what your data is telling you about what works for particular client-types. From there, you have to construct a unique buyer’s journey to get your service and offers to the right person so you can start building that relationship.
ABM helps you Allocate Resources Better
ABM is not a standalone tactic, rather, it is an overarching strategy that coordinates email, social media, and more. When implementing it, you need to have a tailor-made playbook per client that utilizes all available platforms to maximize customer interactions and touchpoints throughout the customer journey.
A strong understanding of your client’s pain points and goals is key to making ABM work.
For example, if based on your data your client has mostly responded through email marketing, this tells you to invest heavily in your email marketing content when communicating with the client. However, your sales team informs you, through their research in social media, that your client appears to be hiring a lot of junior roles. This might inform you to step up your social media marketing efforts as well.
Build Lasting Relationships with ABM
Personalization is a key feature of account-based marketing. ABM focuses on targeted and personalized messaging to build trust as customers are more likely to deal with companies they already trust.
An ABM strategy will enable your sales and marketing teams to:
- Give the high value accounts the care and attention they need
- Provide prospects with targeted content ensures they see your product and services in the way that’s relevant to them
- Create a personalized sales journey
How can ABM get you ROI the Finance Department keeps asking for?
Are you preparing to pitch a marketing strategy to pitch to the C-suite? Here are some key items they will be looking to get from their marketing budget:
- Increased demand that converts to sales
- Quality leads and high conversion rates
- Increased brand awareness and recall
- Higher volume and velocity of sales, and of course
- Return on investment
All of which are key strengths of account-based marketing. According to a study: relative to other marketing activities, ABM delivers 97% higher ROI.
By spending less and converting more, our ABM strategy gets you long lasting client relationships without the long term costs.
How to make an ABM Strategy in 2023?
If you’re interested in implementing ABM contact us and we can work with you to start personalizing your marketing strategy today.